FSC revokes business license for scandal-ridden Optimus asset management firm

Asia's Tech News Daily

SEOUL, Nov. 24 (Yonhap) — South Korea’s financial regulator on Wednesday decided to revoke the business license for Optimus Asset Management involved in a massive financial fraud that caused losses for thousands of investors.

The Financial Services Commission (FSS) also decided to order the private equity firm’s executives to be fired and all of its 43 fund products handed over to asset management firm Recovery jointly launched by fund sellers by Dec. 25, the regulator said in a press release.

The state-run Korea Deposit Insurance Corp. will spearhead the liquidation process for the scandal-ridden Optimus, according to the FSS.

Optimus was found to have raised 1.35 trillion won (US$1.1 billion) from approximately 3,200 individual and institutional investors from April 2018 to June 2020, saying the money would be invested in safe public institutions.

Most of the money, however, was actually invested in risky assets or used to pay returns to investors to give the appearance that the company was engaged in serious and sound financial transactions, according to investigators.

The scandal has also engulfed the country’s political and financial sectors, after one of the company’s internal documents was disclosed to media last year, raising suspicions that some influential figures might have lobbied to help the company conceal its fraudulent activities.

kokobj@yna.co.kr
(END)

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